Apex Mining logged 77.5% jump in three-quarter earnings
Robust metal sales and higher prices boosted the profitability of the Razon Group’s Apex Mining Co. Inc. in the nine months ending in September. Net income soared by 77.5 percent to P5.45 billion.
In a disclosure on Tuesday, Apex Mining firm said the bottom line in the third quarter alone reached P2.15 billion, up by 64.1 percent.
Revenues totaled P15.48 billion, a 42.8-percent rise, mostly from gold sales. The total covers the sale of gold and silver from Apex’s Maco mine in Davao de Oro and subsidiary Itogon-Suyoc Resources Inc.’s (ISRI) Sangilo mine in Benguet.
Apex Mining attributed its improved financial performance to the continued rise in gold prices and the strong performance of the US dollar against the Philippine peso.
The realized price per ounce of gold was 40.7 percent higher at $3,319. The realized price for silver climbed by 31.6 percent to $36.48 per ounce.
Further, the weighted average US dollar to Philippine peso foreign exchange rate was P56.94 to one US dollar, marking a 1-percent depreciation.
Apex Mining sold 78,751 ounces of gold and 290,894 ounces of silver. These represented increases of up 1 percent and 13 percent, respectively.
Total ore tonnes milled in the Maco mine were 7-percent higher at 706,748 tonnes. ISRI milled a total of 107,335 tonnes, down 2.7 percent.
Gold recovery registered a 87.83-percent improvement while ore gold grades averaged slightly lower at 3.27 grams per tonne.
The company recorded higher earnings even as the cost of production jumped by 14 percent to P6.73 billion. This was mainly due to higher tonnage processed, resulting in an increase in materials used, man-hours spent and energy consumed.
Apex Mining said the Maco mine has sufficient reserves and resources to sustain operations until 2034. This is on the assumption that it runs at a capacity of 3,000 tonnes per day, based on the Mine Reserves and Resource Certifications of 2025.
The firm is currently modifying the crushing and grinding system at the Maco processing plant to increase capacity to 3,500 tonnes per day.
